First Quantum Minerals Reports Third Quarter 2025 Results

Core Insights - First Quantum Minerals Ltd. reported a net loss of $48 million for Q3 2025, with an adjusted loss of $16 million, reflecting challenges despite operational improvements [1][3][33] - The company made significant progress in strengthening its balance sheet, including a $1 billion non-debt gold stream arrangement with Royal Gold and extending its debt maturity profile to 2029 [2][22][23] - Operationally, copper production increased by 15% quarter-over-quarter to 104,626 tonnes, driven by higher output from the Kansanshi and Sentinel mines [4][30] Financial Performance - Q3 2025 gross profit was $360 million, with EBITDA of $435 million, benefiting from improved production and higher realized metal prices [3][26] - Cash flows from operating activities reached $1,195 million, significantly higher than Q2 2025, primarily due to the gold streaming agreement [26][33] - Net debt decreased by $702 million to $4,751 million, attributed to the gold stream agreement and EBITDA contributions [26][33] Production and Operational Highlights - Total copper production for Q3 2025 was 104,626 tonnes, with Kansanshi producing 46,881 tonnes and Sentinel producing 51,336 tonnes [4][30] - Copper C1 cash cost decreased to $1.95 per lb, reflecting higher production volumes [4][34] - The company successfully completed the Kansanshi S3 Expansion project, contributing 6,136 tonnes of copper during the quarter [4][44] Updated Guidance - Copper production guidance for 2025 has been narrowed to 390,000 – 410,000 tonnes, while gold production guidance has been updated to 140,000 – 150,000 ounces [5][8] - Nickel production guidance has been adjusted to 18,000 – 23,000 tonnes, with total capital expenditure guidance reduced to $1,150 – $1,250 million [10][15] Cobre Panamá Update - The company completed remaining concentrate shipments from Cobre Panamá during the quarter, with the power plant expected to restart in Q4 2025 [2][40] - The Preservation and Safe Management plan was approved, allowing for the export of copper concentrate and the import of fuel [39][40] Environmental, Social, and Governance (ESG) Initiatives - The company has engaged in community initiatives, benefiting over 3,500 children and 5,000 community members through education, health, and infrastructure programs [43] - The THINK! Safety Program at Çayeli achieved over three years without a lost-time injury, reflecting a strong safety culture [52]